WhispersNZ

Salt - Cautious Buy

WhispersNZ Updated   
BINANCE:SALTBTC   None
Depending on your risk appetite you can look to see how Salt plays out of the next 12 hours and watch which box it falls to. It is currently sitting on very heavy historical support and recent support as well as the 50% fib. If BTC drops then could be looking at a 100% retracement but more likely is the current box holds support and moves away. 10% max of your book to enter this trade if you dare. Lets see how it plays out.

Yellow is conservative target for quick profits. Red box 1 is the extension of this, with red box 2 the maximum wave (highly unlikely) .
Min 22% return to yellow box depending on entry.

Nothing to sneeze at.

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Disclaimer:
The information published is not intended to, nor should it be, construed as financial advice. The sole purpose of publication is for personal tracking purposes and feedback. Any investment decisions, gains or losses, are your own and I hold no liability. Invest only what you are prepared to lose.
It is common to use no more than 10-20% of capital in any one trade.

Comment:
It looks like salt couldn't take the heat as BTC pumped up it took a hit. Salt has historically followed the other mid cap alts in moving best when btc is ranging. The current support level is the 88.6% fib line, if this is broken we are heading back to 100% retrace. The RSI is dropping close towards the oversold area but has some way yet to fall.

The possibilities are:
-Swing on this resistance at 88.6%, making a wave 1 and large 2, starting to move up on a wave 3.
-Pushes through the resistance and hits 100% retrace, it will likely go sideways if this happens and I would be waiting to see signs of strength return to the MACD, vol and RSI before entering another trade.
-Drops past ATL (all time low) and can sit on the sidelines with an alert for it crossing above the all time low point.
Order cancelled:
Salt has confirmed a movement in a downward channel for now, I would wait for verification of reversal via a full wave 1 breakout. Analysis invalidated. Blame btc haha
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